Volatility Control Mechanism (VCM)

The Volatility Control Mechanism (VCM) in the securities market and the derivatives market was launched on 22 August 2016 and 16 January 2017 respectively. The initiative represents the major microstructure upgrades for the securities and derivatives markets in the short to medium term to enhance HKEX’s overall competitiveness. This page focuses on implementation details for the derivatives market.